Publish date:

Duquesne Light Net Sinks

Adjusted earnings top estimates.
Author:

Earnings fell by half at

Duquesne Light

(DQE)

in the first quarter, as gains related to derivatives and other items depressed the most recent period and swelled year-ago figures.

TST Recommends

The company, which formerly was known simply as "DQE," earned $14.4 million, or 18 cents a share, in the quarter, compared with $35 million, or 45 cents a share, a year ago. Adjusted for items, earnings were $21.1 million, or 27 cents a share, in the latest quarter, up from $19.3 million, or 25 cents a share, a year ago.

Analysts surveyed by Thomson First Call were forecasting adjusted earnings of 24 cents a share in the most recent period.

Revenue was $223.9 million in this year's first quarter, up from $218.7 million a year ago. Retail electricity sales were virtually flat at $187.6 million while other revenue rose to $36.3 million from $32 million.

Duquesne reiterated full-year profit guidance of $80 million to $90 million, excluding the impact of derivatives and other items.

The stock closed at $16.69 Tuesday.